[tonymand]

Just to add to Jimmymacs contribution if you move out to the daily (I know its not too clear) but you at least get the idea of some bearishness. JM pointed out the 4H head and shoulders but we can see here that we have broken the daily trendline and failed on a retest from the underside. The level we are at now (9957) is a strong one and if this fails to hold then 9650, 9500 and 9400 come into view as key determinants of direction over the next few sessions and all providing trading opportunities. There seems to be a growing sense of problems within housing and banking in the UK and the likelihood of a cut in rates is growing so downside pressure wouldnt be unexpected. Having said that playing with 2 weak currencies may not be as profitable as switching to the Euro and Yen pairs and playing the stronger currencies against the weaker ones, just a thought. A final thought. If you check my levels with JMs they are close but not exact. This is the nature of the beast. As T and J have said many times we are looking at zones of interest not exact levels. All you need now is a clear cut, well tried, tested and understood strategy to exploit price action as these things come into view. For me a further fall in this pair followed by a retest and fail at 9957 would certainly have me interested in the downside. Equally if this holds to the upside then a runback to 2.0100 looks reasonable and then perhaps a fall from there. In any case just make sure you have a plan whichever way it goes